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China’s top steel mills create group to probe surging iron ore prices – document | Hellenic Shipping News Worldwide

China’s leading steel companies have formed a group to investigate whether “non-market factors” are causing a record surge in iron ore prices and have called on the government to maintain market stability.

Executives from eight steel firms representing 30% of China’s steel output, including China Baowu Group, HBIS Group, Jiangsu Shagang Group and Ansteel Group, gathered at the China Iron and Steel Association (CISA) on June 27 in Beijing, according a document with the minutes from the meeting that was reviewed by Reuters.

A senior official at CISA who attended the meeting confirmed the authenticity of the document, declining to be named as he is not authorised to talk to the media.

The companies met to discuss strategies to cope with a rally in imported iron ore prices, which have climbed 69% this year, hitting a record on Wednesday.

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China’s top steel mills create group to probe surging iron ore prices – document | Hellenic Shipping News Worldwide.

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